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Need some quick advice, taxed on savings?

All year i have been saving into a savings account at work, an amount taken weekly from my wages. Today my savings have gone into my bank account and it seems they have taxed me on it. Im sure they tax me on it weekly as they take it from my wages, surely they cant tax me on this twice, does anyone know?

You won't have been taxed on the interest until now. You have only been taxed once.

You need to ask your payroll department as to how they do things. There are lots of ways these schemes can work. We really can't answer this question without seeing the details. Details you can't share unfortunately.

The tax may only have been taken on the interest. Or you may have put the money in tax free and only paid tax on it when you had access to it (a bit like a pension).

They should have deducted tax at the savings rate (20%) on the interest element only, if any interest was earned while your employer held the funds.
Tax is not due on the capital value of the savings.

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